It's Bank Holiday Weekend and Easter is nearly here.
You can't go into a shop right now without seeing a ray of Easter eggs. Which one do I choose, white, dark or milk? Whilst choosing which egg to buy what will I be doing with my 4 day weekend?
I bet your last thought will be to gather the information needed for your 2016/2017 tax return. However as the 5th April has recently passed, now is a good time to start collecting that information. It won't be long before you start to receive those notifications that a tax return is due, if you haven't already. Although the submission deadline of the 31st January 2018 may seem a long way away, it's not. Calculating your tax liability at the earliest convenience allows us to plan ahead which may include reducing your July payment on account.
The information required to complete your tax return will depend on your own individual circumstances. It may include various types of income. If you are employed this will include a P60 and maybe a P11D.
If you are of pension age, a P60 relating to pension income, and or details of state pension received.
If you are self-employed or in a partnership you will need to collate your income and expenditure and don't forget those bank statements!
Do you rent out a property? If so we would need your property income and expenditure.
Bank and building society interest changed how it was taxed from the 6th April 2016. You will therefore need to obtain the bank and building society interest certificates, or details of interest earned in the tax year.
Dividends received and how they are taxed also changed from 6th April 2016. We need to know what you received and when you received it.
Don't forget any foreign income including interest and dividend income must also be included on your tax return.
If you have made any private pension payments or gift aid donations, we will also need these details.
If you are a higher rate tax payer and you or your partner are still in receipt of child benefit this will also need to be included.
If you have disposed of any assets in the tax year, including land and property, and or shares and securities then you will need to include these on your tax return.
This is not an exhaustive list, but gives you an idea of what you need to look out for. So don't delay. Start gathering all the information today and after the bank holiday weekend drop it into our offices, with a big smile on your face you never know we might have a few Easter eggs still lurking in the office for you!
Article written by Vicky Pearson